Home Prices on the Rise!

November continued to follow the lead from previous months showing a more active period than last year with unit sales up by 3.1% and volume ahead by almost 12%. Listings are up slightly over November of 2013 by 2.6%, but year to date continues to be down quite significantly by 16%, resulting in higher prices and a seller’s market below the $500,000 price range producing quick sales and multi-offer situations.                                                                                                 

The average sales price of a single family home in November was up a startling 17.5% over November last
year at $540,000 compared to $459,000. Even the median price was up over 12% at $459,500. Year to date, the single family home category is now up by 8% at $500,000, while the median price is $452,500. Condos and townhouse also showed an increase in the median price but more modest at 5.25% and 4.75% respectively. Year to date, the average price of a condo is $243,000 while a townhouse is $362,000.

The next few months may prove very interesting as the price of oil continues to decline. The resource rich sector from Alberta and Saskatchewan has had a positive impact on the activity we have experienced in the valley and should the price of oil stay lower than was expected, it may impact sales in our market.